Isle of Wight tidal energy scheme 'in talks with investors'

PTEC wants to deploy undersea turbines 2.5km (1.5 miles) off St Catherine's Point

A long-delayed tidal power project has said it is in talks with investors and energy firms about future funding.

Perpetuus Tidal Energy Centre (PTEC) originally hoped to install turbines on the sea bed south of the Isle of Wight by 2017.

It previously said it was "forced into hibernation" by low tidal energy prices.

PTEC said it would bid for a government energy contract in 2024 and was seeking other financing.

The firm said the government was showing a "growing commitment" to tidal energy

The firm, which owes more than £1m to Isle of Wight Council, began work on a 30MW demonstration project in 2012.

It eventually hopes to produce 300MW of electricity, enough for "most of the Solent region", as well as hydrogen from sea water.

Previously, the company announced it was preparing to submit bids for government energy contracts in 2022 and 2023.

However, it was not named among the winners in either of the bidding rounds. It refused to confirm that it had entered.

Isle of Wight councillor Michael Lilley said the authority had "invested heavily" in the scheme

PTEC said the latest round, whose results were announced on 8 September, demonstrated "the government's growing commitment to tidal stream energy".

It said: "Seven tidal stream projects, which include our partners Orbital Marine Power, have won Contract for Difference contracts across Scotland and Wales."

Isle of Wight councillor Michael Lilley, who is monitoring the project, was told at a council meeting on Thursday that the firm was "in discussion with a number of funders as well as large energy firms".

He said: "I have tracked this for many years and getting answers is often like pulling teeth.

"Isle of Wight Council has invested heavily in PTEC. We need regular updates and improved communication on its progress."